Belgrade is working to develop the SAF into a small, highly-capable force, fit to participate in UN/EU peacekeeping missions, and able to defend Serbia against its security threats. As part of this transformation, much of the SAF's ageing equipment will need to be replaced, and demand for military products - particularly within the aerospace segment - is therefore significant. Serbia has a sizable defence industry, capable of producing armoured vehicles, artillery, missile systems, patrol boats and light attack aircraft, in addition to small arms and ammunition. Consequently, we expect the defence ministry to acquire much of the equipment needed for the SAF - particularly the army - from local manufacturers over the coming decade. That said, we do expect Belgrade to make arrangements for technology transfer in military import deals, which could benefit domestic defence companies over the medium-to-long term. The newly agreed Individual Partnership Action plan with NATO in January 2019 will play an important part in this – particularly with regard to the knowledge transfer of cybersecurity-related systems and practices.

电容器是电路中三大被动电子元器件之一。电容器也称为电容，是一种可以储存一定电荷量的元器件，广泛运用在电路中的隔直通交、耦合、旁路、滤波等方面。

收入、成本三因素均承压，火电行业ROE水平处于历史低点。发电小时数触底回升，2019年有望保持稳定。上网电价满足工商业降价目标，短期内下调概率较小。

国企改革将进入加速期，军工可能成为本年改革的突破点。受益改革的红利，国防军工板块资产质量将进一步提升。

江苏省排污许可证开始申领，部分行业无证不可排污。将加快企业落实排放治理和监测相关工作，有效推进相关市场进一步释放。渤海入海排污口摸排启动，将全面排查每个排污口。

重点推荐蒙华铁路投运对区域电力的资机会，长期看好新能源公司装机成长以及天然气未来前景。

本报告将以美国、加拿大、欧洲市场的基金公司为例，为其养老目标产品的产品布局（产品线、费率、规模、基金）、战略配置与战术调整（战略配置方法、细分资产配置、战术调整，流程/原则）、单只产品业绩与持仓变动进行介绍。